DoubleVerify Holdings Inc (DV) 2021 Q4 法說會逐字稿

Greetings. Welcome to the DoubleVerify Q4 and Fiscal Year 2021 Earnings Call. (Operator Instructions) Please note, this conference is being recorded. I will now turn the conference over to your host, Tejal Engman. Thank you. You may begin.

問候。歡迎參加 DoubleVerify 第四季和 2021 財政年度收益電話會議。 （操作員說明）請注意，本次會議正在錄製中。現在我將會議交給主持人 Tejal Engman。謝謝。你可以開始了。

Good afternoon, and welcome to DoubleVerify's Fourth Quarter and Full Year 2021 Earnings Conference Call. With us today are Mark Zagorski, CEO; and Nicola Allais, CFO.

下午好，歡迎參加 DoubleVerify 的 2021 年第四季和全年財報電話會議。今天與我們在一起的有首席執行官 Mark Zagorski；和財務長尼古拉·阿萊 (Nicola Allais)。

Today's press release and this call may contain forward-looking statements that are subject to inherent risks, uncertainties and changes and reflect our current expectations and information currently available to us. And our actual results could differ materially. For more information, please refer to the risk factors in our recent SEC filings, including our annual report on Form 10-K.

今天的新聞稿和本次電話會議可能包含前瞻性陳述，這些陳述受到固有風險、不確定性和變化的影響，並反映了我們當前的預期和目前可獲得的資訊。我們的實際結果可能會大不相同。欲了解更多信息，請參閱我們最近向 SEC 提交的文件中的風險因素，包括我們的 10-K 表格年度報告。

In addition, our discussion today will include references to certain supplemental non-GAAP financial measures and should be considered in addition to and not as a substitute for our GAAP results. Reconciliations to the most comparable GAAP measures are available in today's earnings press release, which is available on our Investor Relations website at ir.doubleverify.com. Also, during the call today, we will be referring to the slide deck posted on our website.

此外，我們今天的討論將包括對某些補充性非公認會計原則財務指標的參考，應將其視為我們公認會計原則結果的補充，而不是替代我們的公認會計原則結果。今天的收益新聞稿中提供了與最具可比性的 GAAP 衡量標準的對賬，該新聞稿可在我們的投資者關係網站 ir.doubleverify.com 上找到。此外，在今天的電話會議中，我們將參考我們網站上發布的幻燈片。

With that, I'll turn it over to Mark.

有了這個，我會把它交給馬克。

Thanks, Tejal, and good afternoon, everybody. I'm excited to share this update with all of you today, which continues to expand on our themes of exceptional growth and market-leading innovation. Before we begin, I want to take a moment to acknowledge the global humanitarian crisis in Ukraine, and note our support for all of those affected and our unwavering commitment to our customers, partners and colleagues around the world to stand for truth and transparency.

謝謝，Tejal，大家下午好。我很高興今天與大家分享這項最新消息，它繼續擴展我們的卓越成長和市場領先創新的主題。在我們開始之前，我想花一點時間承認烏克蘭發生的全球人道主義危機，並指出我們對所有受影響者的支持，以及我們對世界各地的客戶、合作夥伴和同事堅定不移的承諾，以維護真相和透明度。

First, as a quick snapshot of our recent growth, in the fourth quarter of 2021, we delivered $106 million of revenue and 38% adjusted EBITDA margins, ending a year of exceptionally strong execution on a high note. In 2021, we measured 4.5 trillion ad impressions, resulting in record revenue of $333 million, an increase of 36% compared with a year ago. We grew faster than the digital advertising industry and significantly outperformed the industry's programmatic, social and CTV growth trajectories, while generating 33% adjusted EBITDA margins.

首先，快速回顧一下我們近期的成長情況，2021 年第四季度，我們實現了 1.06 億美元的營收和 38% 的調整後 EBITDA 利潤率，以高調結束了異常強勁的執行力的一年。 2021 年，我們測量了 4.5 兆次廣告展示次數，創紀錄的收入達到 3.33 億美元，比一年前成長 36%。我們的成長速度快於數位廣告產業，且顯著優於產業的程式化、社交和 CTV 成長軌跡，同時產生 33% 的調整後 EBITDA 利潤率。

We completed strategic acquisitions of Meetrics and OpenSlate and successfully continue to evolve our customer value proposition from protection to performance with the launch of 2 new identity independent performance solutions that do not rely on third-party cookies or persistent identifiers: Custom Contextual and DV Authentic Attention.

我們完成了對Meetrics 和OpenSlate 的策略性收購，並成功地繼續將我們的客戶價值主張從保護髮展到性能，推出了2 個不依賴於第三方cookie 或持久標識符的全新身份獨立性能解決方案：自定義上下文和DV 真實注意。

Building on the update we provided at our Investor Day on February 25, I will discuss the current and future scaling of our business within the context of our 5 key growth drivers, which are: product evolution, channel extension, international expansion, current client upsell and cross-sell and new client acquisition and strategic M&A. Nicola will then discuss our fourth quarter and 2021 results as well as our outlook for 2022.

基於我們在2 月25 日投資者日提供的最新信息，我將在5 個關鍵增長驅動力的背景下討論我們當前和未來的業務擴展，這5 個驅動力是：產品演變、渠道擴展、國際擴張、當前客戶追加銷售交叉銷售、新客戶獲取和策略併購。然後 Nicola 將討論我們第四季和 2021 年的業績以及我們對 2022 年的展望。

Beginning with product evolution. Our expansion of pre-campaign activation solutions that drive performance continued to be led by Authentic Brand Suitability or ABS. ABS was the largest driver of revenue growth for our Advertiser Programmatic business. ABS revenue grew 77% in 2021 and contributed approximately $85 million to our top line. For most of last year, ABS revenue was fueled by continued customer adoption and volume expansion on major buying platforms, most notably Google's DV360 and The Trade Desk, where it was launched in 2020.

從產品演變開始。我們對提升績效的營銷前激活解決方案的擴展繼續以真實品牌適用性 (ABS) 為主導。 ABS 是我們廣告商程序化業務收入成長的最大推動力。 2021 年 ABS 營收成長了 77%，為我們的營收貢獻了約 8,500 萬美元。在去年大部分時間裡，ABS 收入主要受到客戶持續採用和主要購買平台銷售擴張的推動，其中最著名的是 Google 的 DV360 和 2020 年推出的 The Trade Desk。

Considerable ABS growth also came from upgrading current clients to ABS as well as selling ABS to new clients at the outset of their relationship with DV. While a significant majority of our top 100 clients are now using ABS in some applications, their usage of the product tends to be in North America where programmatic buying is dominant. There is a substantial and growing opportunity to upsell ABS to our biggest clients in their international markets, where adoption of this premium performance product has just begun.

ABS 的顯著成長也來自將現有客戶升級為 ABS 以及在新客戶與 DV 建立合作關係時向新客戶出售 ABS。雖然我們的 100 強客戶中的絕大多數現在在某些應用程式中使用 ABS，但他們對該產品的使用往往是在程式化購買占主導地位的北美地區。我們向國際市場上最大的客戶追加銷售 ABS 的機會越來越多，而這種優質性能產品的採用才剛開始。

In the fourth quarter, for example, we activated ABS with Disney in Latin America, Colgate in EMEA and Nike in 21 global markets. We have just started to scratch the surface of ABS growth with current clients in markets outside of North America.

例如，在第四季度，我們與拉丁美洲的迪士尼、歐洲、中東和非洲地區的高露潔以及全球 21 個市場的耐吉啟動了 ABS。我們剛開始觸及北美以外市場現有客戶的 ABS 成長的表面。

Beyond our top 100 customers, approximately 40% of our top 500 clients still do not use ABS in any market, representing a solid expansion opportunity amongst this established customer base. We are focused on making ABS and all of our performance solutions an integral component of an unmatched suite of independently accredited pre-campaign activation and post-campaign measurement tools that drive better outcomes for advertisers.

除了我們的 100 強客戶之外，我們的 500 強客戶中約有 40% 仍未在任何市場使用 ABS，這為這一既定客戶群提供了堅實的擴張機會。我們致力於使 ABS 和我們所有的績效解決方案成為一套無與倫比的獨立認可的營銷活動前激活和營銷活動後衡量工具的組成部分，從而為廣告商帶來更好的結果。

While we're discussing DV's programmatic activation products, I'd like to highlight our MRC pre-bid accreditation announcement made last week, establishing DV as the only provider currently accredited for predicted viewability targeting as well as property-level ad verification, inclusive of brand suitability and contextual targeting within programmatic media campaigns.

在我們討論DV 的程序化激活產品時，我想強調一下我們上週發布的MRC 競價前認證公告，該公告將DV 確立為目前唯一獲得預測可見度定位以及媒體資源級廣告驗證認證的提供商，其中包括程序化媒體活動中的品牌適宜性和內容定位。

To put it simply, we have the only fully accredited programmatic suite in the market today. We expect this unique differentiator of DV's Programmatic solutions, including ABS and DV Custom Contextual to further drive our programmatic sales momentum and support DV's overall RFP win rate, which was 80% in 2021.

簡而言之，我們擁有當今市場上唯一完全認可的程式化套件。我們預計 DV 程式化解決方案（包括 ABS 和 DV Custom Contextual）的這一獨特優勢將進一步推動我們的程式化銷售勢頭，並支持 DV 的整體 RFP 獲勝率（2021 年為 80%）。

Beyond our core Programmatic solutions, we're excited about the growth opportunities with our newest performance products: Authentic Attention, Custom Contextual, OpenSlate's pre-campaign social targeting tools and our audience verification solution with Comscore. Today, let's dig deeper into 2 of them: Authentic Attention and Audience Verification.

除了我們的核心程式化解決方案之外，我們還對最新性能產品的成長機會感到興奮：Authentic Attention、Custom Contextual、OpenSlate 的活動前社交定位工具以及我們與 Comscore 的受眾驗證解決方案。今天，讓我們深入探討其中的兩個：真實注意力和受眾驗證。

DV Authentic Attention, which you'll be hearing a lot about over the next few quarters, builds upon the baseline quality and safety metrics established by the DV Authentic Ad. For ad impressions that meet the standards of the Authentic Ad, attention measurement provides a real-time impression level view of engagement and exposure, which allows advertisers to optimize media based on what's resonating most with audience.

DV Authentic Attention 在接下來的幾個季度中您將經常聽到，它建立在 DV Authentic Ad 建立的基線品質和安全指標的基礎上。對於符合真實廣告標準的廣告印象，注意力測量提供了參與度和曝光度的即時印像水平視圖，使廣告主能夠根據最能引起受眾共鳴的內容來優化媒體。

As traditional performance metrics like reach and frequency lose their efficacy due to privacy and policy changes, we believe that attention will be the next currency that advertisers rely on to drive outcomes. Our go-to-market strategy for Authentic Attention leverages DV's established customer base of over 1,000 leading brands to drive ubiquitous uptake of these new data sets.

由於隱私和政策變化，覆蓋率和頻率等傳統績效指標失去了效力，我們相信注意力將成為廣告商賴以推動結果的下一個貨幣。我們的 Authentic Attention 進入市場策略利用 DV 擁有 1,000 多個領先品牌的既定客戶群來推動這些新資料集的普遍採用。

We essentially have a built-in pool of trial customers. In Q2, we will provide a preview of attention metrics through our software platform, Pinnacle, to all customers that use the DV Authentic Ad, exposing the biggest brands on the planet to the performance solution of the future.

我們基本上擁有一個內建的試用客戶池。在第二季度，我們將透過我們的軟體平台 Pinnacle 向所有使用 DV Authentic Ad 的客戶提供注意力指標預覽，讓全球最大的品牌接觸到未來的績效解決方案。

Today, we are the only leading verification company to have built and launched a comprehensive attention solution. We've already secured accreditation for Fully On-Screen measurement and attention metrics specific to CTV and we'll continue to expand our lead in accreditations of all our attention metrics over time.

今天，我們是唯一一家建立並推出全面​​注意力解決方案的領先驗證公司。我們已經獲得了針對 CTV 的全螢幕測量和注意力指標的認證，並且隨著時間的推移，我們將繼續擴大我們在所有註意力指標認證方面的領先地位。

Turning to our upcoming audience verification solution. We are excited to launch a market-leading product in partnership with Comscore. By using audience verification, advertisers will be assured that the cross-platform audiences they are measuring are free of invalid traffic, delivered in view into the right geography and in the right brand environment.

轉向我們即將推出的受眾驗證解決方案。我們很高興與 Comscore 合作推出市場領先的產品。透過使用受眾驗證，廣告主將確信他們所衡量的跨平台受眾沒有無效流量，並且可以在正確的地理位置和正確的品牌環境中進行投放。

This is an industry-first measurement solution that combines media quality verification data with audience data to help advertisers maximize campaign performance and drive real business outcomes. We expect to launch the first iterations of this evolving joint offering for a select group of customers as early as the second quarter of 2022.

這是業界首創的測量解決方案，將媒體品質驗證數據與受眾數據相結合，幫助廣告商最大限度地提高廣告活動績效並推動真正的業務成果。我們預計最早將於 2022 年第二季為選定的一組客戶推出這項不斷發展的聯合產品的第一代產品。

Moving on to our second growth driver, channel extension. We are excited about our continued growth in Social and CTV. Social revenue grew by nearly 50% in 2021 with strong performance across Facebook, YouTube, Twitter, Snapchat and Pinterest as more than 300 new advertisers activated DV's social media verification solutions last year. We believe the prospects for social growth in 2022 and beyond are exceptional for 2 key reasons.

接下來是我們的第二個成長動力，通路擴展。我們對社交和 CTV 領域的持續成長感到興奮。 2021 年，社群收入成長了近 50%，Facebook、YouTube、Twitter、Snapchat 和 Pinterest 均表現強勁，去年有 300 多家新廣告商啟動了 DV 的社群媒體驗證解決方案。我們認為 2022 年及以後的社會成長前景非常好，有兩個關鍵原因。

First, we are expanding our solutions and coverage on both emerging and leading social platforms, including TikTok, Twitter and several others. And second, we have accelerated our product road map in social through the successful integration of OpenSlate's pre-campaign social activation solutions into our sales process, providing an expansion opportunity with all existing DV customers and prospects.

首先，我們正在擴大我們的解決方案和覆蓋範圍，包括新興和領先的社交平台，包括 TikTok、Twitter 和其他幾個平台。其次，我們透過將 OpenSlate 的活動前社交活化解決方案成功整合到我們的銷售流程中，加快了我們在社交領域的產品路線圖，為所有現有 DV 客戶和潛在客戶提供了擴展機會。

Beginning with TikTok, we continue to expand coverage of our viewability solution, which is now available in 67 countries. Our solution has been used by nearly 30 advertisers, resulting in average monetized impression growth of approximately 220% over the last 6 months.

從 TikTok 開始，我們繼續擴大可見度解決方案的覆蓋範圍，目前已在 67 個國家/地區推出。我們的解決方案已被近 30 家廣告商使用，過去 6 個月平均貨幣化展示次數增加約 220%。

On brand safety and TikTok, DV's advertiser activated brand safety controls continue to expand and have now been rolled out in North America, the U.K., Australia and the Middle East, with 82 advertisers using the solution. In addition, we continue to develop end-to-end in-feed solutions in conjunction with TikTok.

在品牌安全和TikTok方面，DV的廣告主主動品牌安全管控不斷擴大，目前已在北美、英國、澳洲和中東地區推廣，已有82家廣告主使用此解決方案。此外，我們繼續與 TikTok 合作開發端到端資訊流解決方案。

With coverage of viewability, fraud and in-geo as well as our brand safety controls, DV offers the most comprehensive measurement and activation product offering across TikTok today. On Twitter, we're developing a brand safety and suitability measurement solution for Twitter's news feed, known as timeline, and expect to launch this in the first half of 2022.

DV 涵蓋可見度、詐欺和 in-geo 以及我們的品牌安全控制，為 TikTok 提供當今最全面的衡量和激活產品。在 Twitter 上，我們正​​在為 Twitter 的新聞推送開髮品牌安全性和適宜性衡量解決方案（稱為時間軸），預計於 2022 年上半年推出。

Moving on to pre-campaign social solutions that we are integrating into our platform via the OpenSlate acquisition, we're actively working to capitalize on both immediate and long-term revenue opportunities.

接下來是我們透過收購 OpenSlate 將其整合到我們平台中的預行銷社交解決方案，我們正在積極努力利用眼前和長期的收入機會。

We have begun cross-selling our combined pre-campaign activation solution to DV's expansive global customer base. Our research demonstrates that when our pre-campaign activation and social solutions are paired with our post-bid measurement products, we can deliver significantly improved outcomes for our customers.

我們已開始向 DV 廣泛的全球客戶群交叉銷售我們的組合行銷活動前啟動解決方案。我們的研究表明，當我們的活動前激活和社交解決方案與出價後衡量產品相結合時，我們可以為客戶提供顯著改善的結果。

On YouTube, we saw that when our pre-campaign activation solutions are applied to campaigns, brand suitability incidents are reduced by up to 50%. We expect to be able to drive even better advertising outcomes for advertisers as the operational integration progresses.

在 YouTube 上，我們發現，當我們的行銷活動前啟動解決方案應用於行銷活動時，品牌適宜性事件最多可減少 50%。隨著營運整合的進展，我們期望能為廣告主帶來更好的廣告效果。

On CTV, our impression volumes grew 57% in 2021. And by the fourth quarter, 25% of our tag-based advertiser video impressions were CTV. So in essence, 1 of every 4 of DV's open internet video impressions are attributable to CTV, over-indexing relative to CTV share of the digital video across the industry and underscoring the growing importance of verification in this fast-growing sector.

在 CTV 上，我們的展示量在 2021 年增長了 57%。到第四季度，我們基於標籤的廣告商影片展示量中有 25% 來自 CTV。因此，從本質上講，DV 開放網路視訊印像中的四分之一可歸因於CTV，相對於CTV 在整個行業的數位視訊份額而言，索引過度，並強調了驗證在這個快速增長的行業中日益增長的重要性。

Our CTV products are becoming essential to advertisers because fraud and viewability are emerging as real challenges to advertiser and media investment confidence. Fraud continues to violate unprotected digital transactions with increasing incidences of counterfeit SSAI servers generating fake CTV inventory across countless apps, IPs and devices.

我們的 CTV 產品對廣告主來說變得至關重要，因為詐欺和可見度正在成為廣告商和媒體投資信心的真正挑戰。詐欺行為繼續侵犯不受保護的數位交易，假冒 SSAI 伺服器在無數應用程式、IP 和裝置上產生虛假 CTV 庫存的情況不斷增加。

As recently as last month, DV discovered a new scheme that we've dubbed ViperBot, which strips the code that verifies ad impressions and then conceals and redirect this code through real devices to hide the fraudulent activity and attempt to go undetected. DV customers are fully protected from this scheme, which continues to scoop more than 5 million devices and over 80 million ad requests per day, undercutting ad investments and underlining performance.

就在上個月，DV 發現了一種我們稱為ViperBot 的新方案，該方案會剝離驗證廣告印象的程式碼，然後透過真實裝置隱藏和重新導向該程式碼，以隱藏詐騙活動並試圖不被發現。 DV 客戶受到該計劃的充分保護，該計劃每天繼續獲取超過 500 萬台設備和超過 8000 萬個廣告請求，從而削弱了廣告投資並削弱了效果。

In addition to fraud, viewability, which has generally been assumed by CTV advertisers is also being challenged in CTV. In a recent study, DV discovered that 1 in 4 analyzed CTV environments continue to play programming content, including recording ad impressions after the television was turned off. The ad was delivered, but certainly was not viewed, rendering performance measurement invalid and diverting media investment.

除了詐欺之外，中視廣告商普遍認為的可見度在中視也受到了挑戰。在最近的一項研究中，DV 發現，在分析的 CTV 環境中，有四分之一的人會繼續播放節目內容，包括在電視關閉後記錄廣告印象。廣告已投放，但肯定沒有人觀看，導致效果衡量無效並轉移媒體投資。

To combat this latest viewability challenge, last month, DV launched Fully On-Screen prebid targeting, enabling connected advertisers to target inventory from sources that are tested and evaluated by DV to ensure ads are only displayed 100% on screen and when the TV screen is turned on.

為了應對這一最新的可見度挑戰，DV 上個月推出了“全螢幕預出價定位”，使互聯廣告商能夠定位來自DV 測試和評估的來源的廣告資源，以確保廣告僅在電視螢幕打開時100%顯示在螢幕上。開啟。

Through this first-of-a-kind solution, DV complements our post-bid measurement capabilities with pre-bid targeting, empowering programmatic advertisers to address CTV's viewability challenges across the media transaction. DV Fully On-Screen prebid segments are available on Amobee, MediaMath and Microsoft Xandr with more media buying platforms coming.

透過這款同類首創的解決方案，DV 透過競價前定位補充了我們的競價後衡量能力，使程式化廣告商能夠解決 CTV 在整個媒體交易中的可見度挑戰。 DV 完全畫面預出價部分可在 Amobee、MediaMath 和 Microsoft Xandr 上使用，更多媒體購買平台即將推出。

In addition to these CTV solutions, DV is the first and only verification provider to provide effective brand suitability controls in CTV environments. We currently offer CTV app inclusion and exclusion lists and app level controls that are utilized in both monitoring and active prebid avoidance. And we will be launching content level classification in CTV in 2022.

除了這些 CTV 解決方案之外，DV 是第一家也是唯一一家在 CTV 環境中提供有效品牌適宜性控制的驗證提供者。我們目前提供 CTV 應用程式包含和排除清單以及應用程式層級控制，用於監控和主動競價規避。我們將於 2022 年在 CTV 中推出內容等級分類。

Shifting to international expansion. International revenue grew by almost 70% last year with APAC revenue growing by 84% and EMEA by 61%, all outpacing the industry and our competitors. International now contributes 26% of our overall direct revenue.

轉向國際擴張。去年，國際收入成長了近 70%，其中亞太地區收入成長了 84%，歐洲、中東和非洲地區收入成長了 61%，均超過了產業和我們的競爭對手。目前，國際業務貢獻了我們整體直接收入的 26%。

We currently generate revenue in 93 countries and from our expanding base of 20 locations outside the United States, we will leverage our exceptional RFP win rate to take advantage of the expansion opportunity that exists in markets around the world. In 2021, 55% of our headcount growth was driven by international hires as we continue to invest in expanding our global presence.

目前，我們在 93 個國家/地區創造了收入，並透過美國以外 20 個地點的持續擴張，我們將利用我們卓越的 RFP 獲勝率來利用世界各地市場中存在的擴張機會。 2021 年，隨著我們繼續投資擴大全球業務，國際員工人數增加了 55%。

Turning to client upsells and new client acquisition. We signed 176 new advertising customers in 2021, including brands such as Target, GEICO, Diageo, BMW, Bumble and Apple services. 61% of our new logo wins were greenfield, while 39% were competitive wins.

轉向客戶追加銷售和新客戶獲取。 2021 年，我們簽署了 176 個新廣告客戶，包括 Target、GEICO、Diageo、BMW、Bumble 和 Apple services 等品牌。我們的新標誌勝利中有 61% 是未開發的，而 39% 是競爭性勝利。

In addition, on the supply side of the business, we added numerous new platform clients such as Amazon, Taboola, AdTheorent, smartclip and Verve as well as 19 new publishers to the fold. The platform and publisher businesses are additional great examples of how we can extend our core data assets into entirely new revenue lines.

此外，在業務的供應方面，我們增加了許多新的平台客戶，例如 Amazon、Taboola、AdTheorent、smartclip 和 Verve，以及 19 家新的出版商。平台和出版商業務是我們如何將核心數據資產擴展到全新收入線的另一個很好的例子。

With regard to our final growth lever, strategic M&A, the integrations of Meetrics and OpenSlate are progressing well, and we have received client and partner endorsement of the additional global breadth and product depth that they have delivered to DV. With a strong and growing cash position and 0 debt, we are exceptionally well positioned to take advantage of global market expansion, product acceleration and solution extension opportunities that exist in the market.

關於我們的最終成長槓桿、策略併購、Metrics 和 OpenSlate 的整合進展順利，我們已經獲得了客戶和合作夥伴對他們為 DV 提供的額外全球廣度和產品深度的認可。憑藉強勁且不斷增長的現金狀況和零債務，我們處於非常有利的地位，可以利用市場上存在的全球市場擴張、產品加速和解決方案擴展機會。

Wrapping up with a quick take on our innovation story, DV continues to lead the industry with unique value-driving solutions that set us apart from our competitors, paving the road for additional growth ahead.

DV 簡要介紹了我們的創新故事，並以獨特的價值驅動解決方案繼續引領行業，這些解決方案使我們在競爭對手中脫穎而出，為未來的進一步增長鋪平了道路。

In the last 12 months, DV has launched or expanded the only widely available attention solution, the only comprehensively accredited programmatic suite, the only solution for measuring and filtering Fully On-Screen CTV impressions, the only certified CTV fraud program for programmatic partners, and we are the only leading verification company to root out and publicize the numerous new fraud attacks that shake the confidence of digital advertisers around the globe.

在過去12 個月中，DV 推出或擴展了唯一廣泛使用的注意力解決方案、唯一經過全面認證的程式化套件、唯一用於測量和過濾全螢幕CTV 印象的解決方案、唯一經過認證的程式化合作夥伴CTV 詐欺程序，以及我們是唯一一家根除並公開眾多動搖全球數位廣告商信心的新詐欺攻擊的領先驗證公司。

And soon, we will launch the only verified audience solution along with Comscore. And now we are the only independent leading verification company that is not in the conflicted business of selling digital ads. We lead and differentiate with innovation and earn our customers' trust through independence.

很快，我們將與 Comscore 一起推出唯一經過驗證的受眾解決方案。現在，我們是唯一一家不從事數位廣告銷售衝突業務的獨立領先驗證公司。我們透過創新引領業界並脫穎而出，透過獨立贏得客戶的信任。

With that, I'll turn it over to Nicola.

這樣，我就把它交給尼古拉。

Thank you, Mark, and good afternoon, everyone. Let me begin with a review of our fourth quarter and full year 2021 performance before discussing our 2022 outlook. Growth and profitability accelerated in the fourth quarter. We generated $106 million of revenue, representing year-over-year growth of $27 million or 34%.

謝謝你，馬克，大家下午好。在討論 2022 年展望之前，我先回顧我們的 2021 年第四季和全年業績。第四季成長和獲利能力加速。我們創造了 1.06 億美元的收入，年增 2,700 萬美元，即 34%。

We grew fourth quarter adjusted EBITDA to $40 million or 46% year-over-year, representing a 38% adjusted EBITDA margin. For context, DV generated more revenue and more adjusted EBITDA in the fourth quarter of 2021 than it did in all of 2018. Fourth quarter results were ahead of our expectations as the impact of supply chain disruption on CPG and auto ad spend was lower than we had anticipated going into the quarter.

第四季調整後 EBITDA 成長至 4,000 萬美元，較去年同期成長 46%，調整後 EBITDA 利潤率為 38%。就背景而言，DV 在2021 年第四季度產生的收入和調整後的EBITDA 比2018 年全年更高。第四季度的業績超出了我們的預期，因為供應鏈中斷對CPG 和汽車廣告支出的影響低於我們的預期預計將進入本季。

Stronger-than-expected growth from verticals such as financial services, retail and entertainment more than offset the slight weakness in CPG and auto, demonstrating the benefits of our well-diversified customer base. The acquisition of OpenSlate completed at the end of November did not have a material impact on fourth quarter results. And as previously mentioned, we anticipate the integration of OpenSlate solution to generate between $15 million and $18 million in 2022.

金融服務、零售和娛樂等垂直行業的成長強於預期，抵消了消費品和汽車行業的小幅疲軟，體現了我們多元化客戶群的優勢。 11月底完成的OpenSlate收購並未對第四季業績產生重大影響。如前所述，我們預計 OpenSlate 解決方案的整合將在 2022 年產生 1500 萬至 1800 萬美元的收入。

Revenue growth was broad-based across advertisers, platforms and publishers and each revenue type grew sequentially from the third to the fourth quarter, which is our seasonally strongest quarter. For the full year 2021, we delivered $333 million in revenue, up 36% year-over-year and adjusted EBITDA of $110 million, up 50% year-over-year and representing a 33% adjusted EBITDA margin.

廣告商、平台和發行商的收入成長廣泛，每種收入類型從第三季到第四季都連續成長，這是我們季節性最強的季度。 2021 年全年，我們營收 3.33 億美元，年增 36%，調整後 EBITDA 為 1.1 億美元，年增 50%，調整後 EBITDA 利潤率為 33%。

In 2021, Advertiser Programmatic grew 45%, driven by ABS, which grew 77% and represented 50% of Advertiser Programmatic revenue. Advertiser Direct revenue grew 27%, driven by social revenue growth of 47%. Social represented 33% of our Advertiser Direct revenue, up from 29% in 2020.

2021 年，在 ABS 的推動下，廣告主程式化收入成長了 45%，ABS 成長了 77%，佔廣告商程式化收入的 50%。在社交收入成長 47% 的推動下，廣告商直接收入成長了 27%。社群媒體占我們廣告商直接收入的 33%，高於 2020 年的 29%。

Finally, supply side revenue grew 38% in 2021, driven by new deals with large platforms such as Yahoo! Japan and Amazon as well as the 19 new publishers we signed on during the year. The basis for our strong advertiser revenue performance is an attractive set of KPIs, which drive the recurring nature of our business.

最後，在與雅虎等大型平台的新交易的推動下，供應方收入在 2021 年增長了 38%。日本和亞馬遜以及我們在這一年新簽約的 19 家出版商。我們強勁的廣告客戶收入表現的基礎是一組有吸引力的 KPI，它們推動了我們業務的經常性發展。

Our 2021 net revenue retention rate was 126% and while gross revenue retention was 98%. Our customer tenure was 6.9 years for our top 75 customers. For our top 100 customers, we grew average revenue per customer from $1.8 million in 2020 to $2.2 million in 2021. And finally, we increased the number of customers generating more than $1 million in revenue by 42% in 2021.

我們 2021 年的淨收入保留率為 126%，總收入保留率為 98%。我們的前 75 位客戶的客戶任期為 6.9 年。對於我們的前100 名客戶，我們將每位客戶的平均收入從2020 年的180 萬美元增加到2021 年的220 萬美元。最後，我們將產生超過100 萬美元收入的客戶數量在2021 年增加了42%。

Shifting to costs. Our cost of revenue increased by $19 million year-on-year in 2021, primarily due to an increase in costs from revenue sharing arrangements with our Programmatic partners as Programmatic revenue grew as a percentage of total revenue. In addition, we continue and intend to accelerate our investments in cloud-based hosting solutions to provide the scale and flexibility necessary to support our geographic expansion.

轉向成本。 2021 年，我們的收入成本年增了 1,900 萬美元，主要是由於程序化收入佔總收入的百分比增長，與我們的程序化合作夥伴的收入分享安排的成本增加。此外，我們將繼續並打算加快對基於雲端的託管解決方案的投資，以提供支援我們的地理擴張所需的規模和靈活性。

GAAP product development and sales and marketing expenses, which include stock-based compensation, increased at a rate below our top line growth reflecting the operating efficiency of our business model. In 2021, we expanded adjusted EBITDA margins to 33% while continuing to invest in the business. We added over 200 employees during 2021, including approximately 100 from our 2 acquisitions.

GAAP 產品開發以及銷售和行銷費用（包括以股票為基礎的薪酬）的成長速度低於我們的收入成長，這反映了我們業務模式的營運效率。 2021 年，我們在繼續投資業務的同時，將調整後 EBITDA 利潤率擴大至 33%。 2021 年，我們增加了 200 多名員工，其中約 100 名員工來自我們的兩次收購。

In terms of cash flow and balance sheet, we generated $83 million in cash from operating activities in 2021, a nearly fourfold increase from the $21 million generated in 2020. We had approximately $222 million of cash at the end of the year and 0 debt on the balance sheet.

就現金流和資產負債表而言，我們2021 年的營運活動產生了8,300 萬美元的現金，比2020 年產生的2,100 萬美元增長了近四倍。截至年底，我們的現金約為2.22 億美元，債務為零。資產負債表。

Turning to 2022 guidance. We expect to continue to deliver high revenue growth and high profitability in 2022. We expect full year 2022 revenue in the range of $429 million to $437 million, a year-over-year increase of 30% at the midpoint. And we expect full year 2022 adjusted EBITDA in the range of $126 million to $134 million, representing a 30% adjusted EBITDA margin at the midpoint. We expect a quarterly share of full year revenue to be similar to the seasonal patterns that we achieved in 2021.

轉向 2022 年指導。我們預計 2022 年將繼續實現高收入成長和高獲利能力。我們預計 2022 年全年營收將在 4.29 億美元至 4.37 億美元之間，中位數年增 30%。我們預計 2022 年全年調整後 EBITDA 介於 1.26 億美元至 1.34 億美元之間，調整後 EBITDA 利潤率為 30%。我們預期季度營收佔全年營收的比例將與 2021 年實現的季節性模式相似。

For the first quarter of 2022, we expect revenue in the range of $89 million to $91 million, which implies a 33% growth at the midpoint. And we expect first quarter adjusted EBITDA in the range of $21 million to $23 million, which represents a 24% adjusted EBITDA margin at the midpoint.

對於 2022 年第一季度，我們預計營收在 8,900 萬美元至 9,100 萬美元之間，這意味著中點成長 33%。我們預計第一季調整後 EBITDA 在 2,100 萬美元至 2,300 萬美元之間，調整後 EBITDA 利潤率中點為 24%。

While we anticipate realizing synergies from the acquisitions of OpenSlate and Meetrics by eliminating duplicative costs over time, we expect operating expenses to trend higher in the first half of 2022 and this is reflected in our first quarter EBITDA guidance.

雖然我們預計隨著時間的推移，透過消除重複成本，實現收購 OpenSlate 和 Meetrics 的協同效應，但我們預計 2022 年上半年營運費用將呈上升趨勢，這在我們第一季 EBITDA 指導中得到了反映。

Stock-based compensation expense for the first quarter of 2022 is expected in the range of $9 million to $10 million. For the full year, stock-based compensation expense is expected in the range of $44 million to $49 million, and shares outstanding for the first quarter are expected in the range of 170 million to 173 million.

2022 年第一季的股票薪酬費用預計在 900 萬美元至 1,000 萬美元之間。全年股票補償費用預計在 4,400 萬美元至 4,900 萬美元之間，第一季流通股預計在 1.7 億股至 1.73 億股之間。

As mentioned during Investor Day, starting with first quarter 2022, Advertiser Programmatic will be renamed Activation Revenue and will include programmatic revenue in addition to pre-campaign social revenue, including revenue contribution expected from selling OpenSlate solutions. Advertiser Direct will be renamed Measurement Revenue and will continue to include DV's post-campaign measurement business on social, CTV and the open web.

正如投資者日期間所提到的，從2022 年第一季開始，廣告商程序化收入將更名為激活收入，除了活動前的社交收入之外，還將包括程序化收入，包括銷售OpenSlate 解決方案的預期收入貢獻。 Advertiser Direct 將更名為Measurement Revenue，並將繼續包含 DV 在社交、CTV 和開放網路上的行銷活動後衡量業務。

And with that, we will open up the line for questions. Operator, please go ahead.

至此，我們將開放提問專線。接線員，請繼續。

(Operator Instructions) Our first question is from Youssef Squali of Truist Securities.

（操作員指示）我們的第一個問題來自 Truist Securities 的 Youssef Squali。

I have just 2 quick questions. First, maybe the first one is for Nicola. Nicola, as you look at the guide that you just provided for the 30% top line growth for 2022, I was wondering if maybe you can just flesh out a little bit the main drivers for that growth between maybe established products like ABS versus some of the new products like Authentic Attention, Custom Contextual, et cetera?

我只有兩個簡單的問題。首先，也許第一個是給尼古拉的。 Nicola，當您查看剛剛提供的 2022 年 30% 收入增長指南時，我想知道您是否可以在 ABS 等成熟產品與某些產品之間充實一下增長的主要驅動力Authentic Attention、Custom Contextual 等新產品？

And then maybe just for Mark. Any updates on the potential partnership with that you guys spoke to in the last -- I think last quarter, I'm not sure exactly whether it was in the earnings call or subsequent to that. Anyway, any kind of update there would be super helpful.

然後也許只是為了馬克。關於與你們在上個季度談到的潛在合作夥伴關係的任何更新——我想上個季度，我不確定它是在財報電話會議中還是在財報電話會議之後。無論如何，任何類型的更新都會非常有幫助。

Yes, Youssef, I'll take the first part of your question. So our guidance -- we think our growth for 2022 is going to come from the sectors that we've been discussing all along, which is new products, new vectors, new platforms that we will integrate with. But the overall underarching growth vector is really volume and our MTM growth.

是的，優素福，我將回答你問題的第一部分。因此，我們的指導——我們認為 2022 年的成長將來自我們一直在討論的領域，也就是我們將整合的新產品、新載體、新平台。但整體的基礎成長向量實際上是數量和我們的 MTM 成長。

As we outlined in the Investor Day deck, MTM is really what has driven our growth in the last 2 years. MTS have remained fairly stable, and that's how we anticipate seeing 2022. So the volume is really what's going to grow -- what's going to be the biggest driver of the growth.

正如我們在投資者日活動中所概述的那樣，MTM 確實是過去兩年推動我們成長的動力。 MTS 保持相當穩定，這就是我們預計 2022 年的情況。因此，數量確實會增長——這將成為增長的最大驅動力。

And then more specifically around established versus new products, we do believe our new products are going to obviously grow, but it's early days on the ones that you mentioned. So it's really going to be just an overall growth across the entire established products that we have.

然後更具體地說，圍繞現有產品與新產品，我們確實相信我們的新產品將會明顯成長，但您提到的產品仍處於早期階段。因此，這實際上只是我們擁有的所有已建立產品的整體成長。

Well. And then Youssef, regarding the Facebook question, I mean, obviously, we don't have any news to share at this point. We continue to lean in on all the social platforms that we work with, including Twitter and TikTok and several others in which we are continuing to expand our services around and I guess.

出色地。然後，優素福，關於 Facebook 的問題，我的意思是，顯然，我們目前沒有任何消息可以分享。我們繼續依賴與我們合作的所有社交平台，包括 Twitter 和 TikTok 以及其他幾個我們正在繼續擴展服務的平台，我想。

And as we saw with our social growth last year, we've got great core growth across the platforms that we're covering and additional growth across platforms like Twitter and TikTok and others that are going to be driving expansion in 2022. So nothing to report on Facebook right now. But -- the other drivers of social growth continue to remain really strong, and our expansion across new platforms like Twitter, TikTok are on schedule and continue to grow.

正如我們去年的社交成長所看到的那樣，我們在所覆蓋的平台上實現了巨大的核心成長，並且在 Twitter 和 TikTok 等平台上實現了額外成長，這些平台將在 2022 年推動擴張。立即在Facebook 上報。但是，社交成長的其他驅動力仍然非常強勁，我們在 Twitter、TikTok 等新平台上的擴張正在按計劃進行，並繼續增長。

Our next question is from Raimo Lenschow of Barclays.

我們的下一個問題來自巴克萊銀行的 Raimo Lenschow。

Could I stay on that subject a little bit? Like Mark, what are you seeing from those walled gardens in terms of willingness to engage given the level of criticism they are facing and the need to be more open, et cetera. Do you see like a big sea change? Or is it just the same normal progression there?

我可以在這個話題上停留一下嗎？和馬克一樣，你從那些圍牆花園中看到了什麼，考慮到他們面臨的批評程度以及需要更加開放等，他們的參與意願如何。您認為發生了巨大的變化嗎？或者這只是同樣的正常進展？

And then the other thing is, given that you had like 2 clicks, I mean, obviously, small deals and very good deals, but like how do you think about that build versus by now going forward in terms of what's driving the business?

然後另一件事是，考慮到你有兩次點擊，我的意思是，顯然，小交易和非常好的交易，但是你如何看待這個構建與現在在推動業務方面的進展？

Sure. Sure. So on the first question, I mean, I would like to think that we've had these strange black swan events that have created brand safety and suitability issues over the last 2 years and those were onetime deals. It turned -- it seems to be that every week is another event that pushes brand safety and brand suitability to the front of the minds of advertisers. And in particular, across social networks.

當然。當然。所以關於第一個問題，我的意思是，我想認為我們已經發生了這些奇怪的黑天鵝事件，這些事件在過去兩年中造成了品牌安全和適用性問題，而這些都是一次性交易。事實證明，似乎每週都會發生另一個將品牌安全和品牌適用性推到廣告商腦海中的事件。尤其是跨社交網路。

I think because of that, there is an increasing interest and level engagement of that we see with social platforms and wanting to bring in third-party suitability and safety companies. So we've talked about TikTok. They've been especially leaning in to work with other partners as they look at expanding the multibillion dollars of revenue they have in advertising and really taking that to the next level. As we noted, Twitter, we're working with them on a product for their feed.

我認為正因為如此，我們看到人們對社交平台的興趣和參與程度越來越高，並希望引入第三方適宜性和安全公司。我們已經討論過 TikTok。他們特別傾向於與其他合作夥伴合作，因為他們希望擴大廣告收入數十億美元，並真正將其提升到一個新的水平。正如我們所指出的，Twitter，我們正在與他們合作開發一款針對他們的資訊流的產品。

So I would say that there was certainly a push 2 years ago when we had the combined challenges of social unrest and COVID hitting. Those things have now been supplanted by other global crisis, which has pushed interest in brand suitability and brand safety to index level. And that has just kept the pressure on all the social platforms to open up even further. And we've seen that with their relationships with us in particular. So that's the first question.

所以我想說，兩年前，當我們面臨社會動盪和新冠肺炎襲擊的雙重挑戰時，肯定存在著推動力。這些事情現在已經被其他全球危機所取代，這使得人們對品牌適宜性和品牌安全性的興趣上升到指數水平。這讓所有社群平台都面臨進一步開放的壓力。我們尤其從他們與我們的關係中看到了這一點。這是第一個問題。

Second question on the kind of build versus buy as we look at our road map moving ahead. We're always going to look for solutions that can accelerate our movement into areas that give us a differentiator in driving outcomes for our clients. And if we can buy those faster than we can build them, then that's what we're going to do.

當我們審視前進的路線圖時，第二個問題是關於建造還是購買的類型。我們一直在尋找能夠加速我們進入領域的解決方案，使我們在為客戶帶來成果方面具有差異化優勢。如果我們購買這些產品的速度比建造它們的速度快，那麼我們就會這麼做。

I mean OpenSlate was a great example of that, where we had some of the pre-campaign and pre-buy filtering tools on our road map. We had some that we partially built, particularly plugging into some of the social platforms and the acquisition of OpenSlate really just accelerated that and kind of filled in that gap faster for us.

我的意思是 OpenSlate 就是一個很好的例子，我們的路線圖上有一些預先行銷和預購買過濾工具。我們已經部分建立了一些，特別是插入一些社交平台，而收購 OpenSlate 確實加速了這一進程，並更快地填補了這一空白。

We're going to always look for those opportunities. As we've noted, we've got a considerable amount of dry powder to do so. I think the market pricing has adjusted out there for those types of solutions in the private markets as well. So I would say that -- we've said this before, we've got 3 areas that we look at: global expansion; road map acceleration; and product adjacencies, moving into new and adjacent products.

我們將一直尋找這些機會。正如我們所指出的，我們有大量的乾粉來做到這一點。我認為市場定價也針對私募市場中的此類解決方案進行了調整。所以我想說──我們之前說過，我們專注在三個領域：全球擴張；路線圖加速；和產品鄰接，轉向新的和鄰接的產品。

We're going to continue to lean into those areas. We've got a lot of assets to move -- to continue to invest and our philosophy hasn't changed. If we can move faster, if we can get a differentiator by spending money, we're going to do it.

我們將繼續向這些領域傾斜。我們有很多資產需要轉移——繼續投資，我們的理念沒有改變。如果我們能更快採取行動，如果我們能透過花錢獲得差異化優勢，我們就會這麼做。

Our next question is from Arjun Bhatia of William Blair.

我們的下一個問題來自威廉·布萊爾的阿瓊·巴蒂亞。

Perfect. Mark, I wanted to maybe follow up on that last one on M&A. I'm curious how you're thinking of -- it seems like there's a couple of avenues available to you, some that you laid out. But do you view M&A as a way to double down on the areas that you have that are maybe early like CTV and Social?

完美的。馬克，我可能想跟進最後一篇關於併購的內容。我很好奇你是怎麼想的——似乎有幾種途徑可供你選擇，其中一些是你自己安排的。但您是否認為併購是在 CTV 和 Social 等可能處於早期階段的領域加倍投入的一種方式？

Or is there an opportunity for you to actually expand into new areas that are still very nascent, maybe like gaming and audio or are those latter 2 -- maybe that market hasn't developed. I'm just curious how you think about M&A across those 2 axis, so to speak.

或者您是否有機會真正擴展到仍處於萌芽階段的新領域，例如遊戲和音訊或後兩個領域 - 也許該市場尚未開發。可以這麼說，我只是好奇你如何看待這兩個軸上的併購。

Yes. Thanks, Arjun, for the question. It's a good one. I mean, our driving philosophy, right, is to ensure that our advertisers can optimize their outcomes. And to do that, we need to verify and measure everywhere. And that everywhere includes geographies, that everywhere includes sectors and that everywhere includes platforms, right?

是的。謝謝阿瓊的提問。這是一件好事。我的意思是，我們的驅動理念是確保我們的廣告商能夠優化他們的結果。為此，我們需要到處驗證和測量。到處都包括地域，到處都包括部門，到處都包括平台，對吧？

So it's hey, if we have an opportunity to move into a new geography through a partner or through an acquisition, that's something we're going to take a look at. If we can move faster into CTV or audio through an acquisition, we're going to look at that as well. And if there's an opportunity for us to start poking into new platforms or new areas of measurement, i.e., audience or higher levels of performance around attention, we're going to look at that, too.

所以，嘿，如果我們有機會透過合作夥伴或透過收購進入新的地區，這就是我們要考慮的事情。如果我們可以透過收購更快進入 CTV 或音訊領域，我們也會考慮這一點。如果我們有機會開始探索新的平台或新的衡量領域，即觀眾或圍繞注意力的更高層次的表現，我們也會考慮這一點。

So there's no specific criteria saying we're going to buy something in audio tomorrow because we want to get into audio. What we do is we follow our clients' direction of where they want broader verification and broader measurement to accelerate their outcomes. And that means a new sector, it means a new geography or a new type of platform or new type of business, we're going to head there. I mean so I think it's really clear.

因此，沒有具體的標準表明我們明天要購買音訊產品，因為我們想進入音訊領域。我們所做的是遵循客戶的指示，了解他們想要更廣泛的驗證和更廣泛的衡量，以加速他們的成果。這意味著一個新的領域，意味著一個新的地理區域或一種新型的平台或新型的業務，我們將前往那裡。我的意思是，我認為這非常清楚。

When we do M&A, it's not about just throwing new dollars onto our revenue into our income statement for businesses that aren't really associated with what we do. They have to be a measurement. They have to keep us independent. They have to keep us unbiased and they have to drive outcomes for our advertisers. If they do that, they fit our bill. And if they help -- if it has to do with the new sector, a new geography or a new product suite, we'll go after.

當我們進行併購時，不僅僅是將新的資金投入到我們的損益表中，用於與我們所做的事情沒有真正關聯的業務。它們必須是一種測量。他們必須讓我們保持獨立。他們必須讓我們保持公正，並且必須為我們的廣告商帶來成果。如果他們這樣做，他們就符合我們的要求。如果他們提供幫助——如果它與新行業、新地理或新產品套件有關，我們就會追隨。

Got it. Got it. That's very helpful. And then one more. I think a lot of your prepared remarks and given the Analyst Day, it seemed like the solution, the platform has expanded so much and now you're adding a lot more value for customers, right, you're going into activation as opposed to just measurement, you're doing that with ABS. You're doing that without Authentic Attention. You think that with the CTV investments you're making.

知道了。知道了。這非常有幫助。然後還有一張。我認為你準備好的很多言論，考慮到分析師日，這似乎是解決方案，平台已經擴展了很多，現在你正在為客戶增加更多價值，對吧，你將進入激活狀態，而不是激活狀態。只是測量，你用 ABS 來做到這一點。你在沒有真正注意的情況下這樣做。您認為您對 CTV 的投資是這樣的。

Maybe help us think through how you're approaching pricing power with your customers, right? As you drive more ROI for them, how do you think your pricing evolves longer term, maybe not what you're going to do tomorrow or the next quarter, but how do you view the value you're adding as a way for you to capture some of that value longer term? And what role maybe pricing plays in discussions with your customers today?

也許可以幫助我們思考您如何向客戶提供定價權，對嗎？當你為他們帶來更多的投資回報率時，你認為你的定價如何長期發展，也許不是你明天或下個季度要做什麼，但你如何看待你所增加的價值作為你的一種方式長遠來看，能否獲得部分價值？如今，定價在與客戶的討論中扮演什麼角色？

Yes. I think when I think about pricing and pricing power, I'll kind of level it back up 1 different level, which is we always think about kind of revenue per impression and how can we increase revenue per impression.

是的。我認為，當我考慮定價和定價能力時，我會將其提高一個不同的水平，即我們總是考慮每次展示的收入以及如何增加每次展示的收入。

And that's a combination of -- as what we shared at Investor Day, layering new solutions on top of each other, right, so that we're upselling different types of metrics so that someone starts with core safety and verification, and they move all the way up to the performance scheme, we know we can charge them on the same impression upwards of 10x what we started with.

正如我們在投資者日分享的那樣，這是一個組合，將新的解決方案相互疊加，這樣我們就可以向上銷售不同類型的指標，以便有人從核心安全和驗證開始，然後他們將所有在績效方案在的過程中，我們知道我們可以在相同的展示次數上向他們收取比我們開始時高出10 倍的費用。

So the first way we look at kind of revenue generation per client and revenue generation per impression is selling new solutions. The second way is for -- akin to the question you asked, which is what can we do with pricing. And I think pricing starts to be an element of our overall value prop to our customers. And as we're providing more value, we have more flexibility in increasing pricing.

因此，我們考慮每個客戶的收入和每次印象的收入的第一個方法是銷售新的解決方案。第二種方法類似於您提出的問題，即我們可以透過定價來做什麼。我認為定價開始成為我們提供客戶整體價值的要素。隨著我們提供更多價值，我們在提高定價方面也更加靈活。

When you look at a medium like you mentioned CTV, the value that we're adding is becoming increasingly -- is increasing, right? Because we are saving them from fraud on a $40 impression, not a $1 impression. We are ensuring brand safety on an impression that is a large screen experience in someone's living room, not an app that runs on a mobile phone in some place.

當你看到像你提到的 CTV 這樣的媒體時，我們增加的價值正在變得越來越大，對嗎？因為我們是在 40 美元的展示次數（而不是 1 美元的展示次數）上幫助他們避免詐欺。我們確保品牌安全的印像是某人客廳中的大螢幕體驗，而不是某個地方在手機上運行的應用程式。

So we know that the value proposition there is higher. And we believe that over time, as advertisers begin to realize that, our ability to have more pricing power will grow. So we mentioned that 1 out of every 4 of our video impressions now in the open internet is a CTV impression.

所以我們知道那裡的價值主張更高。我們相信，隨著時間的推移，隨著廣告商開始意識到這一點，我們擁有更多定價權的能力將會增強。所以我們提到，現在開放網路上每 4 個影片印像中就有 1 個是 CTV 印象。

That's reaching a tipping point where we can say, look, not only are we providing a huge level of value for a large number of impressions out there, but we're becoming important enough to advertisers in driving that value proposition that will have some pricing power.

這已經達到了一個臨界點，我們可以說，看，我們不僅為大量展示提供了巨大的價值，而且對於廣告商來說，在推動具有一定定價的價值主張方面，我們變得足夠重要力量。

So I think CTV is still a relatively small piece of our overall puzzle. But when you look at the proportionate impressions that we're driving and supporting in there, how valuable those are and the value prop that we're driving for those advertisers, in CTV, for example, we do believe that we have long-term pricing power in that space as well.

所以我認為 CTV 仍然是我們整體拼圖中相對較小的一部分。但是，當你看看我們在其中推動和支持的比例印象時，這些印像有多大，以及我們為這些廣告商推動的價值支撐，例如在 CTV 中，我們確實相信我們有長期的發展機會。該領域的定價能力也是如此。

Our next question is from Laura Martin of Needham.

我們的下一個問題來自尼達姆的勞拉·馬丁。

So I'll ask them one at a time. So you announced the Comscore deal at your Analyst Day 10 days ago. And from your comments today, it sounds like you're going to do more of these types of partnerships. My question is, how does the money work? If your typical fee is about $0.08 per thousand impressions, is this an upsell or does score get a part of your fee or do they get a fee on top of your fee when you do these partnership deals? That's my first question.

所以我會一次問一個。因此，您在 10 天前的分析師日宣布了與 Comscore 的交易。從您今天的評論來看，您似乎將建立更多此類合作夥伴關係。我的問題是，錢如何運作？如果您的典型費用約為每千次曝光 0.08 美元，這是追加銷售還是 Score 會成為您費用的一部分，或者當您進行這些合作夥伴交易時，他們是否會在您的費用之外收取費用？這是我的第一個問題。

Thanks, Laura, for the questions. It's a great thought. And I think the first thing to always consider is we look at any new partnership as an opportunity for incremental revenue. right? So it's revenue on top of that stacking of what we can sell a client, which is always good, right?

謝謝勞拉提出的問題。這是一個很棒的想法。我認為首先要考慮的是，我們將任何新的合作夥伴關係視為增加收入的機會。正確的？因此，除了我們可以向客戶出售的產品之外，還有收入，這總是好的，對吧？

And in the case of a Comscore or any other partnership that we do, there's obviously a valuable asset, data asset that they're bringing to the table and a valuable data asset that we're bringing to the table. So when we look at pricing, A, we think it's a premium solution, number one. And that premium solution is going to have some component of cost that comes from us and some component that comes -- of cost that comes from the partner. So there will be a share that comes out of this.

就 Comscore 或我們所做的任何其他合作夥伴而言，顯然他們提供了寶貴的資產、數據資產，我們也提供了寶貴的數據資產。因此，當我們考慮定價時，A，我們認為這是一個優質解決方案，排在第一位。這個優質解決方案的部分成本來自我們，部分成本來自合作夥伴。所以會有一個由此產生的份額。

So at the end of the day, we're still in the midst of putting together the pricing model for, for example, our Comscore solution. But that solution will be a premium solution that will have a share that goes back to each partner and as a premium solution will likely be above the average -- the average return for that solution will be above where our current standardized products are.

因此，歸根結底，我們仍在為 Comscore 解決方案等製定定價模型。但該解決方案將是一個高級解決方案，其份額將返回給每個合作夥伴，並且作為高級解決方案，它可能會高於平均水平- 該解決方案的平均回報將高於我們當前標準化產品的回報。

We do think that there are opportunities down the road for us to partner with other companies as we move further into performance and as some of the traditional performance metrics become challenged without a core verification element to them. So look, we're going to try some things out. We're going to see how they work. But we're really optimistic about our ability to kind of start moving into some of these adjacencies like audience where I think there are gaps today.

我們確實認為，隨著我們進一步邁向績效，並且一些傳統績效指標在沒有核心驗證元素的情況下受到挑戰，我們有機會與其他公司合作。所以看，我們要嘗試一些事情。我們將看看它們是如何工作的。但我們對我們開始進入其中一些鄰域的能力感到非常樂觀，例如我認為今天存在差距的觀眾。

Fantastic. That's super helpful. Building on your performance portion of the answer you just gave, the new information you gave us today is that CTV was 1 in 4 impressions in 4Q. My question is performance-based advertising is one of the most powerful advantages of connected television ads. If your core competence is verifying in an ad reach the right person, which is sort of a proxy for effectiveness.

極好的。這非常有幫助。根據您剛才給出的答案的表現部分，您今天向我們提供的新資訊是，CTV 在第四季度的展示次數中佔四分之一。我的問題是以效果為基礎的廣告是連網電視廣告最強大的優勢之一。如果你的核心能力是在廣告中驗證是否接觸到了對的人，那就是有效性的代表。

But CTV actually allows the advertiser to close the loop between making an ad and an online purchase. It feels like that maybe is better than DV Solutions, which is a proxy. So can you talk about how DV grows in that environment with so much CTV now in your impression base?

但 CTV 實際上允許廣告商關閉製作廣告和線上購買之間的循環。感覺這可能比代理 DV Solutions 更好。那麼，您能談談 DV 在這種環境下如何發展，而現在您的印象基礎中有如此多的 CTV 嗎？

Yes. So I think taking a step back, if you look at a couple of the core value propositions in CTV that we deliver, 2 of which are focused around elimination of fraud and insurance of viewability. And both of those things can impact the measurement of any type of closed-loop attribution that CTV would allow.

是的。因此，我認為退一步來說，如果你看看我們在 CTV 中提供的幾個核心價值主張，其中兩個重點是消除詐欺和確保可見度。這兩件事都會影響 CTV 允許的任何類型的閉環歸因的測量。

So basically, what I'm saying is before you even kind of are able to determine whether or not a CTV ad can help someone close the loop, you have to determine whether or not you're working with good data, right? So what you don't want is a bad denominator, right? You're looking at the wrong number of impressions because they're actually fraudulent.

所以基本上，我想說的是，在你能夠確定 CTV 廣告是否可以幫助某人關閉循環之前，你必須確定你是否使用了良好的數據，對嗎？所以你不想要的是一個壞分母，對吧？您看到的展示次數是錯誤的，因為它們實際上是欺詐性的。

Yes, you're able to show performance. But are you showing the right level of performance because half the TV sets were not turned on or another percentage of the TV sets were actually not real television. They weren't real devices, they are fraudulent devices.

是的，你可以展現自己的表現。但是，您是否表現出了正確的性能水平，因為一半的電視機沒有打開，或者另一部分電視機實際上不是真正的電視。它們不是真正的設備，而是詐騙設備。

So I think it's a great insight, which is CTV is this first large-screen sight-sounded motion advertising application that can actually be connected to a transaction. But you always have to remember that data needs to be -- need to be confident in that data to begin with. And the core proposition that we've gone out with is eliminate fraud from that transaction.

所以我認為這是一個很好的見解，CTV 是第一個可以真正連接到交易的大螢幕視聽動態廣告應用程式。但您始終必須記住，數據首先需要對數據充滿信心。我們提出的核心主張是消除交易中的詐欺行為。

Even when that transaction is a direct transaction, remember, there can be fraud present because of the way SSAI works as are pulled from other places and delivered, so there's going be issues there as well as ensure that it's truly viewable. If you can do those 2 things, then the second part of the equation, which is measuring the effectiveness of that closed-loop transaction is truly valued.

請記住，即使該交易是直接交易，由於 SSAI 的工作方式是從其他地方提取並交付的，因此也可能存在欺詐行為，因此存在問題並確保其真正可見。如果你能做到這兩件事，那麼方程式的第二部分（衡量閉環交易的有效性）就真正有價值。

So I think we all -- that's a long way of saying is I think we always have a place in that, in the evaluation of that transaction and the valuation of that performance because people want to ensure that the data that they're working with when they do that closed loop is actually good data.

所以我認為我們所有人——這是一個很長的說法，我認為我們在交易評估和績效評估中總是佔有一席之地，因為人們希望確保他們正在使用的數據當他們這樣做時，閉環實際上是很好的數據。

Our next question is from Michael Graham of Canaccord.

我們的下一個問題來自 Canaccord 的 Michael Graham。

Just a quick one on some of the metrics and then another. It looked like MTF was under a little bit of pressure year-over-year and sequentially, definitely very modest. But I just wonder if you could kind of let us know if there's anything going on there. Was it just more impression growth towards the end of the quarter? Or are there any sort of underlying dynamics that we should be aware of there?

只是快速介紹一些指標，然後再介紹其他指標。看起來 MTF 逐年承受一點壓力，而且連續一段時間，壓力絕對非常小。但我只是想知道如果有事情發生的話你能否告訴我們。只是在季度末出現了更多的印象增長嗎？或者我們應該意識到那裡有什麼潛在的動態嗎？

And then just at a higher level, Mark, you talked a bunch about Authentic Attention, which seems like it has a really great opportunity ahead of it. Can you just talk about what you expect in terms of the pace of getting that developed and integrated? Can that go faster now than something like ABS did given the scale of your platform?

然後，在更高的層面上，馬克，你談到了很多關於真實注意力的話題，這似乎是一個非常好的機會。您能否談談您對開發和整合速度的期望？考慮到你們平台的規模，現在的速度能比 ABS 之類的東西更快嗎？

Yes. I'll take -- Mike, I'll take the first question on MTF. I think the underlying dynamics of what drives MTF haven't changed for us in the past few years. They are drivers of growth that will bring MTF down, including global expansion, which is something that we're doing intentionally. And there will be drivers of growth in MTF, which is the upsell of premium solutions.

是的。我將回答—麥克，我將回答有關 MTF 的第一個問題。我認為推動 MTF 的根本動力在過去幾年中對我們來說並沒有改變。它們是成長的驅動力，會降低 MTF，包括全球擴張，這是我們有意做的事情。 MTF 的成長也將有動力，即優質解決方案的追加銷售。

What you saw, especially around Investor Day, you'll see that MTF over the last 2 years is basically up 2%. It was, as you say, was down a little bit in '21. It was up a little bit in 2020. I think it's going to hover around the same levels. What's really driving the growth is volume as we always say, right, MTM.

正如您所看到的，尤其是在投資者日前後，您會發現過去 2 年 MTF 基本上上漲了 2%。正如你所說，21 年略有下降。 2020 年略有上升。我認為它將徘徊在同一水平附近。正如我們常說的，MTM，真正推動成長的是數量。

In particular, what we saw in Q4 is just, frankly, just a continuation of the expansion internationally, and that's just bringing down MTF a little bit. That's the theme for 2021 as a whole, right? It's just having an impact, which is more than offset by volumes. There's nothing that's changed in terms of the underlying dynamics of what you see on MTM and MTF.

特別是，坦白說，我們在第四季度看到的只是國際擴張的延續，這只是稍微降低了 MTF。這就是 2021 年全年的主題，對吧？它只是產生了影響，而其影響遠遠超過了銷售量。就您在 MTM 和 MTF 上看到的基本動態而言，沒有任何變化。

And on your second question, Michael, so I think we obviously talk a lot about attention because we're very bullish about it. And the reason why, we stated over and over again. We think that a lot of the common metrics used for driving outcomes have been -- are starting to lose efficacy because of the inability to track users, right? So things like attention can become that much important. And when we think about the road map to becoming essential.

關於你的第二個問題，邁克爾，我認為我們顯然談論了很多關於關注的問題，因為我們非常看好它。至於原因，我們也一再強調。我們認為，由於無法追蹤用戶，許多用於推動結果的通用指標已經開始失去效力，對嗎？所以像注意力這樣的事情就變得非常重要。當我們思考變得至關重要的路線圖時。

So think the path to essential, right, which is what we want to be. When we talked about our Investor Day, our continued driver is we are becoming essential to our customers. If you think about what's essential to them, it's essential that they know that they're spending money, not on fraud. It's essential for them to know that their ads are viewed. These criteria -- so fraud and viewability, took time and they went through a process that's really 3 steps: socialization, standardization and then scale.

因此，思考通往本質、正確的道路，這就是我們想要成為的。當我們談論投資者日時，我們持續的推動力是我們對客戶變得至關重要。如果你想想什麼對他們來說是最重要的，那麼最重要的是他們知道自己在花錢，而不是在詐欺。對他們來說，了解他們的廣告被瀏覽非常重要。這些標準——詐欺和可見度——需要時間，他們經歷了一個實際上分為三個步驟的過程：社會化、標準化和規模化。

Socialization is introduction of the concept to buyers, right? We need to understand what is attention, what is it all about? What does it mean? That's the stage we're in right now. And the next stage after that is standardization. So the industry starts to understand what that metric is, and then they build rules around it.

社會化就是要向買家介紹這個概念，對吧？我們需要了解什麼是注意力，它到底是什麼？這是什麼意思？這就是我們現在所處的階段。之後的下一個階段是標準化。因此，業界開始了解該指標是什麼，然後圍繞它制定規則。

So groups like the IAB and others come in and say, hey, here what the standards are around attention. And then finally is scale and acceptance, right, which is everyone understands what it is. The industry knows what it's -- how to create rules around it. The second part is that the buyers start using it as a currency.

因此，像 IAB 和其他組織這樣的團體進來並說，嘿，這就是關於注意力的標準。最後是規模和接受度，對吧，這是每個人都明白的。業界知道它是什麼——如何圍繞它制定規則。第二部分是買家開始將其用作貨幣。

We saw this with viewability 8 to 10 years ago, right? Viewability went through the same level of phases. Now viewability is essential. It's used on almost every impression in almost every digital buy. And whether it's DV or somebody else, viewability is key to an advertiser. We think attention follows that same track as I started.

我們在 8 到 10 年前就看到了這一點，對嗎？可見度也經歷了同樣的階段。現在可見度至關重要。幾乎每次數字購買中的幾乎每次展示都會使用它。無論是 DV 還是其他，可見度對於廣告主來說都是關鍵。我們認為注意力的軌跡與我開始時的軌跡相同。

And your question around how do you make it go faster? Well, the way you make the first 2 stages go faster is, A, you expand socialization. And that's why we're launching attention metrics to our entire base of customers that use the Authentic Ad in an effort to get them used to seeing attention metrics, right, in their UI every day in pinnacle. So we can accelerate that.

你的問題是如何讓它跑得更快？嗯，讓前兩個階段進展得更快的方法是，A，擴大社交範圍。這就是為什麼我們向使用真實廣告的整個客戶群推出注意力指標，努力讓他們習慣每天在自己的 UI 中看到注意力指標。所以我們可以加速這一進程。

Standardization, you can't accelerate, but you can certainly be part of the dialogue, and that's where we are every day with our involvement with the industry accreditation groups as well as the industry standard groups like the IAB. So standardization, we can accelerate by being part of that group, socialization by launching it across our platforms.

標準化，你無法加速，但你當然可以成為對話的一部分，這就是我們每天與行業認證團體以及 IAB 等行業標準團體的合作。因此，標準化，我們可以透過成為該群體的一部分來加速，透過在我們的平台上啟動它來加速社交化。

And this last part, which is scale is once you do the first 2 things, we already have the ability, the sales force and the breadth, global breadth to actually start scaling. So it certainly is a long-term investment for us to build out an entirely new metric.

最後一部分，也就是規模化，一旦你做了前兩件事，我們就已經具備了真正開始規模化的能力、銷售團隊和廣度、全球廣度。因此，建立一個全新的指標對我們來說無疑是一項長期投資。

But we feel that we're in a great spot from our customer perspective, our ability to socialize, a great spot for our industry relationships from our ability to standardize and a great spot from our ability to scale that business because of what we've been able to do with other solutions like ABS and where we have a built-in group of customers and a built-in launching system in our platform.

但我們認為，從客戶的角度來看，我們的社交能力處於一個很好的位置，從我們的標準化能力來看，我們的行業關係處於一個很好的位置，從我們擴展業務的能力來看，我們也處於一個很好的位置，因為我們已經做到了這一點。能夠使用 ABS 等其他解決方案，我們的平台擁有內建的客戶群和內建的啟動系統。

Our next question is from Vasily Karasyov of Cannonball Research.

我們的下一個問題來自 Cannonball Research 的 Vasily Karasyov。

I wanted to ask you to talk about the resistance of your business model to potential macro downturn. So if I look at, let's say, Q2 of 2020, your revenue was still growing at 22% in that quarter, whereas all the ad tech companies in my universe had declines of double digits, right?

我想請您談談您的商業模式對潛在宏觀經濟衰退的抵抗力。因此，如果我看一下 2020 年第二季度，您的收入在該季度仍以 22% 的速度增長，而我的宇宙中的所有廣告技術公司都出現了兩位數的下降，對嗎？

So I wanted to ask you to talk about the drivers of that and why that is happening. I understand that you charge per transaction, but at a certain point, the transaction velocity in a crisis should decelerate enough to sort of potentially drive a negative revenue. So if you could talk in more detail about that. And if you can, about both of the revenue streams, how those behave in a macro downturn?

所以我想請您談談造成這種情況的驅動因素以及為什麼會發生這種情況。據我所知，您按每筆交易收取費用，但在某個時刻，危機中的交易速度應該會減慢到足以導致負收入的程度。那麼您是否可以更詳細地談論這一點。如果可以的話，關於這兩個收入來源，它們在宏觀經濟低迷時期的表現如何？

Yes. So I'll take that question first. So you're right, listen, you're pointing to the 1 quarter that was sort of a proof point for a few of the factors that make our revenue model resilient. One is very diversified across most of the industries. We don't have a single industry that's more than 20% of the revenue for the company.

是的。所以我先回答這個問題。所以你是對的，聽著，你指出第一季是一些使我們的收入模式具有彈性的因素的證明點。其中之一是在大多數行業中都非常多元化。我們沒有一個產業占公司收入的 20% 以上。

Which means that if some sectors are hit more than others, we are sufficiently diversified. And that's kind of what we saw in Q4 when some supply chain issues hit CPG and auto, but we were doing much better than some other industries. So diversification is the first proof point that we saw in that 1 quarter.

這意味著，如果某些行業比其他行業受到的打擊更大，那麼我們就足夠多元化了。這就是我們在第四季度看到的情況，當時一些供應鏈問題影響了消費品和汽車，但我們的表現比其他一些行業好得多。因此，多元化是我們在第一季看到的第一個證據。

The second is, it is worth mentioning, as you pointed out, we are flat -- fixed fee per transaction. So the ups and downs on CPMs will not impact us as much as it would for companies that are more on a take rate basis.

第二，值得一提的是，正如您所指出的，我們是固定的——每筆交易的固定費用。因此，每千次曝光費用的波動對我們的影響不會像對更多以採用率為基礎的公司那麼大。

And the third one, I think, is just a proof point that we are just a must-have product. I mean in situations where the market becomes more uncertain, that is the moment where you would want to use our products if you're an advertiser, right? You would want to make sure you're in the right place that is brand safe, that is viewed and not subject to fraud.

我認為第三個只是證明我們只是一款必備產品。我的意思是，在市場變得更加不確定的情況下，如果您是廣告商，那就是您想要使用我們的產品的時刻，對吧？您需要確保您處於品牌安全、可查看且不會受到詐騙的正確位置。

I think those 3 components are why we grew 22% in that 1 quarter where we're mostly hit by COVID, where the entire industry was hit by COVID. And we believe that those will carry us -- are likely to help us through future periods as well.

我認為這 3 個組成部分是我們在主要受到新冠疫情打擊、整個產業都受到新冠疫情打擊的第一季成長 22% 的原因。我們相信，這些將支撐我們──也可能幫助我們度過未來的時期。

Our next question is from Matt Hedberg of RBC Capital Markets.

我們的下一個問題來自加拿大皇家銀行資本市場的馬特·赫德伯格。

Yes. This is actually Matt Swanson on for Matt. I just want to double-click on a couple of metrics you gave. That 61% to 39% breakout of the greenfield versus competitive was really interesting. Mark, do you have any context on maybe how that compares to prior years?

是的。這其實是馬特·斯旺森為馬特代言的。我只想雙擊您提供的幾個指標。未開發領域與競爭領域的 61% 比 39% 的突破確實有趣。馬克，您是否了解與前幾年相比的情況？

And then especially in light of the 80% win rate in competitive deals, how do you run your business relative to those 2 metrics? For example, are you more focused -- I know at time IPO, we talked about 75% of the market being greenfield. Or is it those displacement opportunities and getting in front of more deals?

然後，特別是考慮到競爭性交易中 80% 的勝率，您如何根據這兩個指標來經營您的業務？例如，你是否更專注——我知道在 IPO 時，我們談到 75% 的市場是綠地。還是那些替代機會並獲得更多交易？

Yes, it's a great question. So when we look at the proportion of greenfield customers over the last several quarters, we've seen it actually increased, and that's prescriptive. That's what we want to have happened because the reason why it's increasing is our investments in additional global markets, our investment in sales resources are playing out, right?

是的，這是一個很好的問題。因此，當我們查看過去幾季的綠地客戶比例時，我們發現它實際上有所增加，這是規定性的。這就是我們希望發生的事情，因為它增加的原因是我們對更多全球市場的投資，我們對銷售資源的投資正在發揮作用，對嗎？

So when you have more people, they're able to spread out to more places and attack more markets where there isn't anybody there to begin with. So it is part of our sales strategy to go after new markets, new folks and continue to win in those places where the opportunity is greatest.

因此，當你有更多的人時，他們就能夠分散到更多的地方並攻擊更多本來就沒有人的市場。因此，我們的銷售策略的一部分是追求新市場、新人群，並繼續在機會最大的地方取得勝利。

So we have seen a trend to more greenfield over time. It doesn't mean we don't back down from a fight. We absolutely will, get engaged when we need to. But obviously, the opportunity, the pricing opportunities and the stickiness are greatest when we can get into a greenfield opportunity.

因此，隨著時間的推移，我們看到了更多綠地的趨勢。這並不意味著我們不會在戰鬥中退縮。我們絕對會在需要時訂婚。但顯然，當我們能夠獲得新機會時，機會、定價機會和黏性都是最大的。

And it's a testament to our continued investment, in particular, in our global markets where we noted 55% of our headcount last year was outside of North America. Again, part of our plan to continue to look for untapped opportunities around the globe, invest in sales and marketing resources in those places and push that high win ratio that we have wherever we can.

這證明了我們持續的投資，特別是在我們的全球市場，我們去年 55% 的員工來自北美以外的地區。同樣，我們計劃的一部分是繼續在全球尋找未開發的機會，在這些地方投資銷售和行銷資源，並盡可能提高我們的高勝率。

That's great. And then if I could just add in one more. We've always talked about the diversity in the platform. I think people listening to Facebook's earnings call or talking to a Facebook investor, there are growing concerns around some of those other platforms like TikTok or Twitter taking share.

那太棒了。然後我是否可以再添加一個。我們一直在談論平台的多樣性。我認為人們在聽 Facebook 的財報電話會議或與 Facebook 投資者交談時，越來越擔心 TikTok 或 Twitter 等其他一些平台搶佔市場份額。

You highlighted your solutions in those spaces as well. But I guess more directly, do you have a preference among the social players about where to spend moves? Is there a situation that's better or worse for DV? Or is it kind of core to your platform to be indifferent, I guess?

您也在這些空間中強調了您的解決方案。但我更直接猜測，社交玩家對於在哪裡花費移動有偏好嗎？對於 DV 來說，有更好或更壞的情況嗎？或者我猜你的平台的核心就是冷漠？

It's a great question. And I think as a parent, I could say, we love all of our children equally. But some we love a little bit more, right? And I think it's less for the fact that any one platform is more monetizable or higher margins, the fact that some platforms are just easier to work with, right? At the end of the day, we have to be everywhere. It's important for us to have parity and to be on the key places where advertisers are going.

這是一個很好的問題。我認為身為父母，我可以說，我們平等地愛我們所有的孩子。但有些我們更愛一點，對吧？我認為這並不是因為任何一個平台都更容易貨幣化或更高的利潤，而是因為某些平台更容易使用，對嗎？歸根結底，我們必須無所不在。對我們來說，保持平等並進入廣告商所關注的關鍵領域非常重要。

And if I would say, if any of them become more interesting for us than another, it's really driven by our advertiser demand, right? We talk a lot about TikTok because advertisers are very interested in getting to TikTok today. It's a really untapped space. And they are clearly going after other social platforms business and getting them.

如果我想說，如果其中任何一個對我們來說比另一個更有趣，那確實是由我們的廣告商需求驅動的，對吧？我們談論了很多關於 TikTok 的話題，因為廣告商現在對進入 TikTok 非常感興趣。這確實是一個尚未開發的空間。他們顯然正在追逐其他社交平台業務並獲得它們。

And they know that one of the biggest barriers for them to do so is third-party validation. So obviously, getting -- being everywhere, being on all social platforms is important, and we'll continue to endeavor to do so. But at the end of the day, we follow where our customers want to spend and lean into those places.

他們知道這樣做的最大障礙之一是第三方驗證。顯然，無所不在、出現在所有社群平台上很重要，我們將繼續努力這樣做。但歸根結底，我們會追蹤客戶想要在哪裡消費並傾向於這些地方。

Our next question is from Yun Kim of Loop Capital Markets.

我們的下一個問題來自 Loop Capital Markets 的 Yun Kim。

Mark, following up on Matt's last question. How do you balance your sales and go-to-market efforts between new customer acquisition versus expansion with existing customers, especially now that you have new products on the pre-campaign side and also continued attach opportunity around social and CTV?

馬克，跟進馬特的最後一個問題。您如何平衡新客戶獲取與現有客戶擴張之間的銷售和進入市場工作，特別是現在您在預營銷方面擁有新產品，並且還繼續圍繞社交和 CTV 提供附加機會？

Yes, it's a great question. And to address that, we actually just went through a pretty significant sales and commercial team reorg as we looked at how we balance our growing opportunities with new customers, but the significant growth that we have by introducing new products to our current customers.

是的，這是一個很好的問題。為了解決這個問題，我們實際上剛剛經歷了一次相當重大的銷售和商業團隊重組，我們著眼於如何平衡不斷增長的機會與新客戶，以及透過向現有客戶推出新產品來實現顯著增長。

The first stage of that was when we brought in a new commercial leader in Julie Eddleman and combined the client service teams with our sales teams to allow for the people who are talking to our current customers every day to be under the same umbrella as the people that -- as new business acquisition.

第一階段是我們引進了一位新的商業領導者朱莉·埃德爾曼（Julie Eddleman），並將客戶服務團隊與我們的銷售團隊合併起來，讓每天與我們現有客戶交談的人與人們處於同一保護之下。那——作為新業務收購。

The second phase of that was actually to verticalized sales teams so that one client group was working both -- on each client set so that they could upsell and -- upsell all of our solutions into our current clients giving the hunters more room to go out and sell totally new clients.

第二階段實際上是垂直化的銷售團隊，以便一個客戶小組既針對每個客戶群進行工作，這樣他們就可以向我們當前的客戶追加銷售我們所有的解決方案，從而為獵人提供更多的走出去的空間並銷售全新客戶。

So basically, advancing into a verticalized structure in which our current clients were upsold by a team that was both servicing and selling them, right, giving that focus and taking our new business folks away from trying to upsell current clients and focusing them on total hunting and filling in white space.

所以基本上，進入一個垂直化的結構，在這個結構中，我們現有的客戶由一個既服務又銷售他們的團隊進行追加銷售，對吧，集中精力，讓我們的新業務人員不再試圖追加銷售現有客戶，而是將他們的注意力集中在全面狩獵上。並填補空白。

So it's a great question. I think it's the evolution of our business, and you'll see -- obviously, you see a lot of companies where as we grow, as we have more solutions, we're able to -- we look at creating a different type of commercial and sales structure to address those challenges. And we literally just got done with that process less than a month ago.

所以這是一個很好的問題。我認為這是我們業務的演變，你會看到 - 顯然，你會看到很多公司隨著我們的成長，隨著我們擁有更多的解決方案，我們能夠 - 我們著眼於創建一種不同類型的應對這些挑戰的商業和銷售結構。不到一個月前，我們實際上剛剛完成了這個過程。

Okay. Great. And Nicola, with the increasing international mix and perhaps newer solutions that may have a lower initial gross margins. How should we think about the gross margin to trend in 2022?

好的。偉大的。還有 Nicola，隨著國際組合的不斷增加以及可能具有較低初始毛利率的更新解決方案。我們該如何看待2022年的毛利率趨勢？

So I think the main driver of our margins in 2022 is really going to be the integration of our 2 acquisitions. That's really what's going to drive what we discussed in our prepared remarks, which is sort of a lowering of our EBITDA margins in the first half of the year before we get back to a more normalized EBITDA margin in the second half. That is the main driver for what you're going to see in terms of EBITDA margins.

因此，我認為 2022 年我們利潤率的主要驅動力實際上將是我們兩次收購的整合。這確實是推動我們在準備好的發言中討論的內容，即上半年我們的 EBITDA 利潤率有所下降，然後下半年我們將恢復到更加正常化的 EBITDA 利潤率。這是 EBITDA 利潤率的主要驅動因素。

In terms of gross margin, which was really your question, that is cost of sales about 16% or so of revenue. That is going to move because of 2 things. One is more revenue moving to Programmatic just because there's a rush share to a Programmatic partner that goes into that number.

就毛利率而言，這確實是你的問題，即銷售成本約佔收入的 16% 左右。由於兩件事，這一情況將會改變。其中之一是更多的收入轉向程序化，只是因為程序化合作夥伴的搶購份額進入了這個數字。

And the second one is our intention to continue to invest in the infrastructure of the business. That's not necessarily an international versus U.S.-driven decision. It's just an overall decision for the overall infrastructure of the business. There will be some investments, but the cost of sales as a percent of revenue will remain fairly consistent below 20%.

第二個是我們打算繼續投資業務基礎設施。這不一定是國際與美國主導的決定。這只是針對業務整體基礎設施的整體決策。將會有一些投資，但銷售成本佔收入的百分比將相當穩定地低於 20%。

(Operator Instructions) Our next question is from Matt Condon of JMP Securities.

（操作員指令）我們的下一個問題來自 JMP 證券的 Matt Condon。

Just wanted to ask on ABS, the ABS integration with DV360 being lapped in 4Q. Just how should we think about growth on a go-forward basis there?

只是想問ABS，ABS與DV360的整合在第四季就已經完成了。我們該如何考慮未來的成長？

Yes, I'll start there. So yes, we're now fully integrated in all of the platforms, about 50% of our revenue growth. This is obviously a premium, very attractive product. So the drivers for the growth going forward are going to be -- it is a cornerstone of all of our new sales.

是的，我將從這裡開始。所以，是的，我們現在已經完全整合到所有平台中，這約占我們收入成長的 50%。這顯然是一款優質、非常有吸引力的產品。因此，未來成長的驅動力將是——它是我們所有新銷售的基石。

It is also a product that we need to start selling to the clients that are below our top 100. There is an opportunity there now that we know it's a successful product to go deeper into our client base of the product.

這也是我們需要開始向排名前 100 名以下的客戶銷售的產品。現在有一個機會，我們知道這是一個成功的產品，可以更深入地了解該產品的客戶群。

And then thirdly, even for clients that have it currently, they're not necessarily using it on their international business. So we are now, as Mark mentioned in his remarks, you are seeing upsell of ABS on existing clients for their international business. So those are 3 vectors that we think will continue to help drive the growth of ABS.

第三，即使對於目前擁有它的客戶來說，他們也不一定在其國際業務中使用它。因此，正如馬克在演講中提到的那樣，我們現在可以看到現有客戶為其國際業務追加銷售 ABS。因此，我們認為這 3 個向量將繼續幫助推動 ABS 的成長。

Our next question is from Dan Salmon of BMO Capital Markets.

我們的下一個問題來自 BMO 資本市場的 Dan Salmon。

This is Stephen coming on for Dan. Yes, it was good to see that strong NRR number that you gave out. And I know it's still early innings and given some good commentary around your cross/upsell motions and even customer outcomes from these.

這是史蒂芬替補出場。是的，很高興看到您給出的強大 NRR 數字。我知道現在還處於早期階段，並且對您的交叉/追加銷售動議甚至客戶結果給出了一些很好的評論。

But I was just seeing if you can provide any specific color around, let's say, adoption rates, attach rates, specifically around OpenSlate pre-campaign solution or attention, or if you can just provide any other metric that can help us quantify demand right now.

但我只是想看看您是否可以提供任何特定的顏色，例如採用率、附加率，特別是 OpenSlate 預行銷解決方案或關注度，或者您是否可以提供任何其他指標來幫助我們量化現在的需求。

I mean what I would say is the way we think about these products, these product introductions are how well is it sold into our existing base. And we know that OpenSlate product is just not that well sold into our existing base. That is the opportunity that we have there.

我的意思是我想說的是我們思考這些產品的方式，這些產品的介紹是它在我們現有基地的銷售情況。我們知道 OpenSlate 產品在我們現有的基礎上並沒有那麼暢銷。這就是我們在那裡擁有的機會。

So rather than an attach rate, it's just -- it's a new solution we're able to sell it into our customers, and the overlap is very minimal. So that's kind of how we think about it. And we know that we just don't have that much -- we have a lot of opportunities to upsell those products into our existing base. That's what I would say on OpenSlate.

因此，這不是附加率，而是一種新的解決方案，我們能夠將其出售給我們的客戶，並且重疊非常小。這就是我們的想法。我們知道我們沒有那麼多——我們有很多機會將這些產品追加銷售到我們現有的基礎上。這就是我在 OpenSlate 上要說的。

Yes. And on attention, again, we kind of went through the life cycle of a product that we believe can be a real groundbreaker. But right now, that product has managed over 1,400 campaigns in 10 different verticals. We benchmarked 49 billion impressions and about 40 clients are currently using the product.

是的。再次強調，我們經歷了一個產品的生命週期，我們相信它可以成為真正的開創性產品。但目前，該產品已管理 10 個不同垂直領域的 1,400 多個行銷活動。我們對 490 億次展示次數進行了基準測試，目前約有 40 位客戶正在使用該產品。

So if you think about that 40 out of the 1,000 brands that we work with, it's still super early days. But we've got a significant amount of runway with regard to attention to continue to expand again. So look, I think as those get the solutions get bigger, we'll have more metrics to start putting against them, but we're super optimistic about the initial uptake.

因此，如果您考慮我們合作的 1,000 個品牌中的 40 個，您會發現現在還處於非常早期的階段。但我們還有大量的跑道可以繼續擴大關注。所以，我認為，隨著這些解決方案變得越來越大，我們將有更多的指標來開始針對它們，但我們對最初的採用非常樂觀。

Our next question is from Mark Murphy of JPMorgan.

我們的下一個問題來自摩根大通的馬克墨菲。

I'm just wondering if you can comment on how the signaling is from pandemic-impacted industries such as travel and hospitality, restaurants, retailers. As you look at it today, because you're fairly deep into the quarter, are they jittery about inflation and energy prices or supply chains or the Ukraine conflict? Or do you feel that there -- are they moving ahead in a fairly normal way just in terms of how they're thinking about advertising volumes for this year?

我只是想知道您是否可以評論一下受大流行影響的行業（例如旅遊和酒店、餐廳、零售商）發出的信號是如何發出的。當你今天看到這個問題時，因為你已經深入了解了這個季度，他們是否對通貨膨脹、能源價格、供應鏈或烏克蘭衝突感到緊張？或者您認為他們在考慮今年的廣告量方面是否以相當正常的方式取得了進展？

Yes. So Mark, what I would say is unlike what we heard at the beginning of the fourth quarter, where we did hear specific concerns around supply chain disruptions, which ultimately we were able to offset because we're sufficiently diversified. We're not hearing -- we're certainly not hearing similar comments right now around supply chain.

是的。馬克，我想說的與我們在第四季度初聽到的不同，當時我們確實聽到了有關供應鏈中斷的具體擔憂，但我們最終能夠抵消這種擔憂，因為我們足夠多元化。我們沒有聽到——我們現在當然沒有聽到有關供應鏈的類似評論。

I mean the macro events are moving very fast. So obviously, we are in contact with our customers. But I would say right now, we're not hearing anything that's specifically telling us that volumes will be materially different than what we thought at the beginning of the year when we set our guidance.

我的意思是宏觀事件發展得非常快。顯然，我們正在與客戶保持聯繫。但我現在想說的是，我們沒有聽到任何具體告訴我們交易量將與我們年初設定指導時的想法有重大不同的消息。

Yes. And one thing we do see through part of our Pinnacle platform called Blueprint, where they lay out their campaigns, moving ahead, that's usually a little indicator on what the quarter is going to look like, what the next few quarters are going to look like. And as of right now, we have not seen kind of any strange abnormalities in our Blueprints moving ahead.

是的。我們透過Pinnacle 平台的一部分（稱為Blueprint）確實看到了一件事，他們在那裡佈置了他們的活動，並向前推進，這通常是一個小指標，表明本季度會是什麼樣子，接下來的幾季會是什麼樣子。截至目前，我們還沒有在我們的藍圖中看到任何奇怪的異常情況。

We have reached the end of the question-and-answer session. I will now turn the call back over to Mark Zagorski for closing remarks.

我們的問答環節已經結束。現在我將把電話轉回給馬克·扎戈爾斯基 (Mark Zagorski) 作結束語。

Thanks, everybody, for your questions. The team here at DV is extremely enthusiastic about what the future holds for us. We continue to deliver high growth and profitability and look forward to keeping you apprised on our 5 key growth drivers, which fuel our long-term growth trajectory. Have a great evening, everybody.

謝謝大家的提問。 DV 團隊對我們的未來充滿熱情。我們將繼續實現高成長和獲利能力，並期待讓您隨時了解我們的 5 個關鍵成長驅動力，這些驅動力推動了我們的長期成長軌跡。祝大家有個美好的夜晚。

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation, and have a great day.

今天的會議到此結束。此時您可以斷開線路。感謝您的參與，祝您有美好的一天。